Nonprofit news roundup for Aug. 3, 2009

University of Colorado outsources endowment management

The University of Colorado moved its endowment to Wall Street firm Perella Weinberg Partners when the school’s endowment chief left to take a position with the investment boutique, The Wall Street Journal reported July 31 (see University of Colorado story). The school did not bid the management contract out to competing companies, but says the fees it negotiated are less than it had expected to spend on management this year.

Pope cuts album to benefit underprivileged kids

Pope Benedict is recording an album to be released by Abbey Road Studios that will contain classical music as well as singing and recitation of prayers by the Pope, The Associated Press reported July 31 (see Pope Benedict story). Proceeds from the album, which is being recorded with accompaniment from the Choir of the Philharmonic Academy of Rome, will benefit underprivileged children about the world.

Philanthropist wants Madoff-related lawsuit dropped

Philanthropist Jeffry Picower has filed court papers asking that a lawsuit filed against him and his wife by the trustee recouping funds for victims of Bernard Madoff’s investing scheme be dropped, Newsday reported July 31 (see Madoff lawsuit story). Picower, whose foundation was forced to close its doors after losing money in the Madoff debacle, and who lost $500 million in personal funds, says he also was a victim.

New foundation to boost high-school athletics in Boston

The City of Boston soon will announce the creation of a foundation charged with providing opportunities for the city’s student-athletes, an endeavor that will receive support from a consortium of professional teams, colleges and corporations, The Boston Globe reported Aug. 3 (see Boston athletic foundation story). The foundation aims to increase funding for public high-school athletics to an average of $6.5 million over the next three years from about $4 million.

Gates Foundation gets $50 million for Berkshire Hathaway stock

The Bill & Melinda Gates Foundation sold about $50 million worth of Berkshire Hathaway stock, which was given to the foundation by billionaire investor Warren Buffett, The San Francisco Examiner reported Aug. 2 (see Gates Foundation story). Buffett’s gift requires that the foundation spend the entire amount during the year the donation is made, in addition to what it already was spending.

Fundraising in Roman Catholic community increasing

The difficult economic situation may be boosting fundraising within the Roman Catholic community as donors aim to relieve the suffering of those who are out of work, The Chicago Tribune reported Aug. 3 (see Catholic fundraising story). The Seattle Archdiocese expects to raise more than $13 million this year, up from $12 million in 2008, while the Archdiocese of Cincinnati has raised almost $1 million more this year than last.

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